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FG’s Deficit Spending Falls By 21%
Data from the Central Bank of Nigeria has shown that the deficit spending by the Federal Government fell by 21 per cent, Month-on-Month. This is a drop to N530 billion in October last year from N670.7 billion in September, driven by a decline in interest payments on domestic debts. Meanwhile, revenue into the Federation Account…
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Consumer Credit Falls By 1.3%
The Central Bank of Nigeria has disclosed that consumer credit fell Month-on-Month by 1.3 per cent. This, according to the bank, is a drop to N2.37 trillion in October 2022 from N2.4 trillion in September 2022. CBN disclosed this in its October 2022 Economic Report, noting that the development in consumer credit was a result…
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Export Intervention Loans Rise By N44bn
In statements released in the last Monetary Policy Committee meeting in 2022, the Central Bank of Nigeria’s intervention funds under its Export Facilitation Initiative rose to N44.58 billon in October 2022. It said, “Under the Export Facilitation Initiative, the Bank provided support for export-oriented projects to the tune of N5.34 billion, such that the cumulative…
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Bank Deposits Rise By 19%
The Central Bank of Nigeria Monetary Policy Committee has said in a statement that deposits by Nigerian banks rose by N6.92 trillion. This is from N36.13 trillion as of the end of October 2021 to N43.05 trillion in the corresponding period of 2022. The Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, said, “Notably,…
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External Reserves Fell By $3.43bn In 2022
According to figures obtained from the Central Bank of Nigeria, the country’s external reserves fell by $3.43 billion in 2022. CBN disclosed that the reserves which stood at $40.52 billion as of the end of December 31, 2021, ended December 29, 2022, at $37.09 billion. External reserves or Foreign exchange reserves are assets held on…
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Nigeria’s Power Generation Drops By 990MW
The latest data on the electricity generation trend has shown that the available generation capacity in Nigeria’s power sector dropped again in 2022. It crashed from the 6,336.52 megawatts recorded in 2021 to 5,346.82MW last year. Also, the annual capacity payment loss to power generation companies had increased to N1.8 trillion, showing a decrease in…
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Net Forex Inflow Falls By 47%
Recent monthly economic reports of the Central Bank of Nigeria have shown that Net foreign exchange, forex, and inflow to the economy fell 47 per cent, year-on-year. This is a drop to $25.05 billion in 10 months to the end of October last year. The decline was driven by a 27 per cent fall in…
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Nigeria’s Trade Surplus Rises By 69%
Data from the Central Bank of Nigeria has shown that the country’s trade surplus rose year-on-year (YoY) by 69 per cent. This is an increase to $11.58 billion in the first ten months of 2022 (January to October), from $6.85 billion in the corresponding period of 2021. CBN said this in its Economic Report for…
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Mobile Subscriptions Grow By 23 million
The latest industry statistics from the Nigerian Communication Commission have shown that the number of mobile subscriptions in Nigeria grew by 23.48 million from January to November 2022. This translates to a total number of 218.61 million mobile subscriptions in the country. MTN remains the largest contributor to mobile subscriptions with 86.44 million subscriptions, followed…
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Nigerian Banks’ Stocks Fall By N141bn
According to data available on the Nigerian Exchange Limited, banking sector performance ended the year out of the loop as five banks saw their value downed by 5.5 per cent This is coming despite the Nigerian capital market closing the year on a bullish trend. The drop is from N2.57 trillion in 2021 to N2.43…